The Possible Holding Periods for Capital Assets Include

question 81

Multiple Choice

The possible holding periods for capital assets include:

• A)Short-term = held 14 months or less.
• B)Long-term = greater than six months.
• C)Long-term = greater than 12 months.
• D)Short-term = greater than 12 months.
• E)None of these.

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Definitions:

Risk Of Loss

A legal term referring to the responsibility for damage or loss of goods, typically determining who bears the risk at various points during a transaction.

Possession

The state or fact of owning or holding something in one’s control, typically physical objects, but can also refer to rights.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, aimed at harmonizing the law of sales and other commercial transactions.

Common Law

A legal system characterized by judicial decisions based on customs and prior judicial judgments, rather than by written statutes or codes.